Summit is the company behind the Twilight movie series and has been looking to develop new franchises since that one ran its course last year. Red may not have the same breadth or reach as Stephenie Meyer's phenomenon, but it still counts for something solid in today’s environment.

It also helps that sources say Summit has been supremely encouraged by Red 2's high test scores.

No deals with the cast have been made but insiders say if the script is approved, production could begin as early as January 2014.

Erik Feig, Lionsgate’s president of production, will oversee the project for the studio along with Summit’s president of production Geoff Shaevitz.

The Hoeber brothers, repped by Verve and Piekoff Mahan, also wrote last summer’s Battleship movie.